Intermediate Double-entry Accounting

Test your Intermediate-level Double Entry Accounting skills in Accounting Principles Standards. This timed assessment evaluates your expertise in Accounting.

Duration: 5 minutes

•40 questions

Time Remaining: 05:00

Progress: 0%

40 questions remaining

Question 1 of 40Assessment

A trial balance with equal debit and credit totals is a strong indicator, but not absolute proof, that all transactions were handled correctly because:

A. It only checks the balance of asset and liability accounts.

B. It does not check for errors in financial statement formatting.

C. It is prepared before adjusting entries are made.

D. A transaction could be omitted entirely or posted to the wrong account.

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